Yuan midpoint reaches lowest level in over 8 years

The Chinese currency continues to depreciate. According to the China Foreign Exchange Trading System, the central parity rate of the Chinese RMB, or the yuan, weakened 189 basis points to 6.8985 against the US dollar on Monday. China's central bank has lowered the yuan's midpoint for 12 consecutive working days. Monday's figure is the lowest in nearly eight and a half years.